Will the new CC laws impact porn?

[softball]

President Obama signed a bill on Friday that makes it tougher for credit card issuers to raise fees and interest rates.

Here's what I think could be the biggie for this biz

The rules makes it harder for people under age 21 to get credit cards.

http://money.cnn.com/2009/05/22/news...ion=2009052215

[Toby]

I don't think it will have much impact. I'd wager that a fair number of under 21'ers have debit cards connected to their checking accounts that can be used just like a Visa. I've had one for over 25 years. They're pretty much standard issue with most checking accounts these days here in the US.

[softball]

Originally Posted by Toby

I don't think it will have much impact. I'd wager that a fair number of under 21'ers have debit cards connected to their checking accounts that can be used just like a Visa. I've had one for over 25 years. They're pretty much standard issue with most checking accounts these days here in the US.

I have one of those, but a lot of those guys are living off credit and minimum payments, not real money in their accounts.

[Toby]

Originally Posted by rhetorical

I have one of those, but a lot of those guys are living off credit and minimum payments, not real money in their accounts.

Even if that is the case and the cards are maxxed out, they still have the debit cards.

When I was still young, dumb and married we had a couple of credit cards that were usually pretty close to the limit and we made just the minimum payments almost every month. But we still had the debit cards. They're more or less just like writing a check, only the money comes out of your account much faster.

Your processing stats don't differentiate between a Visa credit card and a Visa debit card. I wonder if the processors themselves have that data. It would be interesting to know what percentage of joins are via debit card vs credit card. I'm guessing the debit card percentage is much higher than you might think.

[GForce]

Credit card companies for years have been signing up college students right on campus. I believe part of these new regulations is intended to put more restrictions on those predatory practices. Perhaps they will not be allowed on the college campuses, but they will find a way around it if there is money to be had.

[softball]

Originally Posted by GForce

Credit card companies for years have been signing up college students right on campus. I believe part of these new regulations is intended to put more restrictions on those predatory practices. Perhaps they will not be allowed on the college campuses, but they will find a way around it if there is money to be had.

We can only hope. My customers are all well beyond 25 so this clause shouldn't affect me. Fingers crossed.

[GForce]

It would be nice to have demographic research that is current as to the age groups and preferences of adult content customers. Other industries have trade associations that do that kind of research and provide it to their customers. So far what I have seen is gut feel kind of stuff.

[Hell Puppy]

Under 21 can still have a credit card, but they now have limits and require cosigners to have any sort of limit. It's now something like 5% or their annual income or $500, whichever is more.

This ends the practice of sending college kids out into the world saddled with $5-10K of credit card debt as they enter their first job.

[griffin8r]

Originally Posted by Hell Puppy

Under 21 can still have a credit card, but they now have limits and require cosigners to have any sort of limit. It's now something like 5% or their annual income or $500, whichever is more.

This ends the practice of sending college kids out into the world saddled with $5-10K of credit card debt as they enter their first job.

But... but... how will our consumer-driven economy continue to function without easy credit?

[RawAlex]

I see some interesting things that come with this, but also some really ugly things.

The ugly is that if you take away what little credit college students have away from them, are they not more likely to aggressively file trade and steal content for enjoyment? Taking away their ability to pay pretty much forces them down that road.

The theory of kids off to college in september with a nice new credit card might not work as well for us in the future.

[softball]

Originally Posted by griffin8r

But... but... how will our consumer-driven economy continue to function without easy credit?

What do you mean continue? It is totally dysfunctional and has been for a long time. This is just the price we are paying for living in la la land. It will "correct" and rise from the ashes like a phoenix, then crash again. There needs to be a better blend of socialism (planned economy) and capitalism (market driven economy). What we have at the moment driving our "free" market is a buncha wired gamblers hoping that Florida freezes and their orange futures make them rich. Manipulating the price of oil and energy to make huge profits, and pharma companies getting rich off of sick people. There are sectors of the economy that should not be left in the hands of those whose only purpose is to make money and don't give a rat's ass about the social consequences. On the other hand, government has not done such a great job of running any kind of business. But no worse than the wall street and detroit bandits who seem to be born again socialists when they need rescuing. Imagine if you could go to Vegas, lose your shirt, and Steve Wynn walks up to you and buys back your losses. Live by the sword, die by the sword. Its what we do.
Fortunately for me, Canada looks after its citizens a little better so we do have safety nets that are nice to have in our hip pocket. The number one being medical. I think that is the tip of the iceberg in a more balanced economy. A better distribution of the wealth. The rich don't have to be so stinkin' rich and the poor shouldn't be so desperately poor.

[Hell Puppy]

Originally Posted by griffin8r

But... but... how will our consumer-driven economy continue to function without easy credit?

I personally plan on going broke so I can live off of rhetoricals tax money.

[gonzo]

I plan on letting Ratboy make me rich!

[softball]

Originally Posted by Hell Puppy

I personally plan on going broke so I can live off of rhetoricals tax money.

Don't count your urban chickens. Better to go broke, so you can live off other people's tax money by going cap in hand to your government like gm and chrysler. They are living off your tax money. Bastions of capitalism.

[Hell Puppy]

Originally Posted by rhetorical

Don't count your urban chickens. Better to go broke, so you can live off other people's tax money by going cap in hand to your government like gm and chrysler. They are living off your tax money. Bastions of capitalism.

at this point, revolution is inevitable.

you cant find ammo in stock anywhere in the south.

[griffin8r]

Originally Posted by rhetorical

What do you mean continue?

I was being sarcastic, hence the smiley.